Still, Cramer, whose charitable trust owns the stock, said FCX is "terrific," so investors might want to take advantage of the panicked selling -- especially with the possibility of a buyout by Rio Tinto or BHP Billiton. Cramer set $70 as his buy-in price.

The financials may have led the Dow higher Wednesday, but the bank CEOs still don't know how much bigger their loan losses could get, Erin Burnett pointed out. They would if the mortgage insurers -- MBIA, Ambac, PMI Group and MGIC -- would guarantee those loans, was Cramer's reply. And there's always the chance of a bailout, he said. But another rate cut would boost banks' margins, giving them the lift they need.

And what should investors do about Google? Forget about it, Cramer said. He'd rather see people in TJX or another company in that sector.